On December 2nd, the SEC provided notice of the Financial Industry Regulatory Authority's proposed amendments to the Rule 6700 Series (the Trade Reporting and Compliance Engine ("TRACE") rules), which are designed to provide greater transparency for transactions in Agency Pass-Through Mortgage-Backed Securities traded on a "to be announced" basis ("TBA transactions"). First, FINRA proposes to amend Rule 6730 to reduce the reporting period for TBA transactions in two phases. Second, FINRA proposes to amend Rule 6750 to provide for the dissemination of information on TBA transactions in real-time (i.e., immediately upon FINRA's receipt of the transaction report). Third, in Rule 7730, FINRA proposes to establish fees for a data set of real-time TRACE disseminated TBA transaction data at the same rates currently in effect for similar real-time TRACE disseminated data sets, and for a data set of historic TRACE TBA transaction data at the same rates currently in effect for similar Historic TRACE Data sets. FINRA also proposes to delete references to a pilot program that is no longer in effect and make other minor technical, administrative or clarifying amendments to Rule 6730 and Rule 7730. Finally, FINRA proposes to establish a limit or "cap" of $50 million for disseminated TBA transactions as part of FINRA's dissemination policies and protocols, so that the actual size of a TBA transaction in excess of $50 million would be displayed as "$50MM+" in disseminated TRACE data. Comments should be submitted on or before December 29, 2011. SEC Release No. 34-65877.